A new look to KYC, from a customer's perspective.

[Strotman]

As it seems to me, binance carefully checks both the team and the viability of the whole project before displaying it on binance launchpad. I think the ICO taking place on the platforms owned by the exchanges will be the trend of this year. Customers trust binance, because if i happens "misfire" exchange risks losing part of its reputation.

[mrdeposit]

I accept to pass the KYC process only when the team members of the project are verified. If I can assure that the project is legit and won't steal my funds, I do  not have any problems by passing the full KYC procedure.

Anonymity is one of the reasons why we choose crypto and you can be scammed with such thoughts. What if the project is scam, and steals all of your data?

As it seems to me, binance carefully checks both the team and the viability of the whole project before displaying it on binance launchpad. I think the ICO taking place on the platforms owned by the exchanges will be the trend of this year. Customers trust binance, because if i happens "misfire" exchange risks losing part of its reputation.

Binance has been able to reach the current position because of the careful work.

[levvv]

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Know Your CEO.

The best way we could prevent or atleast act in the case (most certain) of one of any new project being a scam is selecting a number of trusted users of the community to verify the "Team" of any coin just the same way we are verified in most sites.
Since most of the new coins claim the "Team" is the people shown in the pictures they shouldn't mind verifying it to this peculiar non snitch trustworthy gathering of users.

In the case a project is to be compared to bitcoin or ethereum and the team crave anonimity you shouldn't need an ICO or could provide code before launching and provide a service.

Any ideas? Would anyone actualy ask for this before investing? and keep the word and not invest without the check?

I think it is more than a fair price for trusting someone with perhaps thousands of bitcoins.

I heard some peoples suggesting you must KYD (Know Your Developers) before you start to participating in every ICO.
This is no other than a part of due diligence that should be required to avoid scam or fraud projects.
I am agree with you, from our point of view as investors or supporters, we should know who are the peoples behind it first.

[kawetsriyanto]

KYC process is one of the issues that always makes me feel doubtful to fulfill it.
It is not about who I am and their trust to get who I am, it is not about decreasing the multi accounts or citizen from forbidden countries to invest.
I personally come from a country that is always allowed to join in any case of ICO project, both as investors or even bounty hunters.
however, feeling doubtful is always there when should send my identity to someone over there that I really don't know who they are, trusted or not. It is such worries for me.
In fact, I never find out the teams of a project that also shows us their identity, real identity to ensure us that they are not scammers. They only put social media or other links.
well, so blunder at all until right now for me.

[stigmacryptonight]

As it seems to me, binance carefully checks both the team and the viability of the whole project before displaying it on binance launchpad. I think the ICO taking place on the platforms owned by the exchanges will be the trend of this year. Customers trust binance, because if i happens "misfire" exchange risks losing part of its reputation.

That is what is happening now. It is true that the Binance launchpad is one place where people want to invest in the ICO. Of course it is not arbitrary projects that can be included in the Binance launchpad. If the team from the project is not trusted, of course Binance will lose his reputation.

[maaldaz]

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Know Your CEO.

The best way we could prevent or atleast act in the case (most certain) of one of any new project being a scam is selecting a number of trusted users of the community to verify the "Team" of any coin just the same way we are verified in most sites.
Since most of the new coins claim the "Team" is the people shown in the pictures they shouldn't mind verifying it to this peculiar non snitch trustworthy gathering of users.

In the case a project is to be compared to bitcoin or ethereum and the team crave anonimity you shouldn't need an ICO or could provide code before launching and provide a service.

Any ideas? Would anyone actualy ask for this before investing? and keep the word and not invest without the check?

I think it is more than a fair price for trusting someone with perhaps thousands of bitcoins.

Knowing who is the real CEO of the project should be useful for the future of the project that we invest on or join into the bounty, so there will be a guaranty even if the project isn't successful at least every investors could get all their money back.

[TechComputer]

KYC is more shits rather than waiting for your bounty coin to be listed to an exchange. Just don't invest on any KYC ICO platform.

[dhemasm]

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Some project may avoid dealing with the law prohibiting ICO / STO in some countries such as US, China. So it seems normal that they require investors to do KYC. But right now there are many projects that are not convincing or maybe fake making us hesitate to do KYC.

Know Your CEO.
~snip

This is indeed necessary and thank you for sharing this method, Although it's still not enough, at least it can spot the fake ico or etc.

Any ideas?

Currently there are many trusted KYC service providers such as Civic, Jumio or Sum & Substance. If the project integrates it, I think it's safe, the rest just need to do more research like seeing the team background as you said

trusted site of icobench.com

This is wrong, have you not learned from the experience of several previous projects such as Hashcard? Some Experts who are there now are only experts who are paid even though some of them still have a passion for reviewing. So the review cannot be used as a consideration.

Investing in token sales is almost the same as gambling, sometimes you are lucky or not.

[CryptoLogo]

This is an interesting idea, but I think it is difficult to implement it. I mean that such a decision can have many pitfalls.

[cryptothreads]

I accept to pass the KYC process only when the team members of the project are verified. If I can assure that the project is legit and won't steal my funds, I do  not have any problems by passing the full KYC procedure.

KYC should be done in good projects and we don't need to worry too much about this information because they always have the best customer security policy. I believe that only fraudulent projects have signs of selling customer information and this really affects us personally. I hope in the future many companies will provide 3rd party KYC services so people can be more secure in selecting projects.

[ricardobs]

You are very much correct and I agree totally with you on this, I don't see any reason why we the investors in this ICO projects have to carry out KYC before we can have access to my coin.

What is the KYC used for? Because the last time I checked, I actually used crypto to make purchase of the token and not fiat, I think the KYC should be for the owners of the project so that we know they are not there to scam us, not for us the investors becase we always end up becoming the victim.

[AltcoinsBattle]

I had this idea a year ago. But crypto is a special environment. There are many projects without identification of both users and creators of the project. The problem is that they can find a way around this, because everything is voluntary here.

[insidertradingeverywhere]

Account Verification I think that it is necessary, first of all, for the founders of the company, from investors or bounty hunters, I think it is enough to confirm the phone and the mail

[pinoycash]

This was my challenge in every ICO projects that asking for KYC to its customers and bounty workers.

I always them, I show you mine if you show me your's Their most common defense are, they already completed KYC verification in icobench and also in other ico listing websites and they don't need to undergo KYC to its users.

[Hivalley]

KYC has its advantages and disadvantages, giving away vital Information to a total stranger could sound queer most times, but we have already gotten used to the trend, that today people do not even think twice before giving up their identity.
Your suggestion is a good one and will aid in getting hold of exit scam ico owners and also reducing the rate of exit scams

[sell my ac_________nt]

I fully agree with you. I think that while there is no regulation in the world of cryptocurrencies, such tools for team verification are necessary.

[pishite]

Kyc for developers! This is a good idea, agree scammers a lot. But the question is whether they want to do it. After all, it is easier for them to enter kyc for us, not pay.

[94K]

I agree fully with you. I believe KYC is introduced to eliminate scammers because there are fake people joining cryptocurrency though it can be stressful.

[Pecunia non olet]

I recently done KYC on Binance because I would like to participate in Celer ICO. And I have to say that their ID verification is the best one, fastest and the safest.

[Averim]

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Know Your CEO.

The best way we could prevent or atleast act in the case (most certain) of one of any new project being a scam is selecting a number of trusted users of the community to verify the "Team" of any coin just the same way we are verified in most sites.
Since most of the new coins claim the "Team" is the people shown in the pictures they shouldn't mind verifying it to this peculiar non snitch trustworthy gathering of users.

In the case a project is to be compared to bitcoin or ethereum and the team crave anonimity you shouldn't need an ICO or could provide code before launching and provide a service.

Any ideas? Would anyone actualy ask for this before investing? and keep the word and not invest without the check?

I think it is more than a fair price for trusting someone with perhaps thousands of bitcoins.

Edit: I has another interesting post few ahead for (for the ones that read op only)

It is hard to obtain genuine infos regarding ceo's, the easiest way is to make a black list with all the projects (and the team behind it) that has been proven to be scam.